Fate Of Ocean Avenue Waldbaum’s Uncertain Amid A&P Bankruptcy
The fate of Sheepshead Bay’s Waldbaum’s is still uncertain.
The 3100 Ocean Avenue location is not included on the list of stores slated to be closed or sold as part of the bankruptcy filing of the grocery chain’s parent company, A&P, according to the company’s website.
In a letter to customers posted on A&P’s website the company assured that the majority of its stores “remain open for business and we will continue to serve your shopping needs during this process.” However, the letter also warned that A&P is seeking “well-capitalized partners to purchase 151 of the remaining stores. Therefore, we expect that following the completion of the bankruptcy process many of our stores will continue to operate with new owners.”
An A&P spokesperson responded to a request about the fate of the Ocean Avenue Waldbaum’s by sending a link to the company’s website. The spokesperson did not respond to a follow up email asking whether A&P planned to sell or close the store.
An article in the Wall Street Journal speculated that the most recent bankruptcy filing A&P, filed in mid-July, likely signaled the eventual demise of the nation’s oldest supermarket chain. Since its first bankruptcy case in 2010, A&P has accumulated a debt of $2.3 billion, despite having assets worth $1.6 billion, according to the New York Times. The company owns 296 stores under the names A&P, Best Cellars, Food Basics, The Food Emporium, Pathmark, Superfresh, and Waldbaum’s.
As part of the most recent bankruptcy deal, A&P has found buyers for 120 of its stores and plans to close 25 locations due to “lack of interest and significant ongoing store operating losses,” according to the company’s website.
Last week, the company told 4,000 of its workers in New Jersey that they were likely to be laid off by Thanksgiving, NBC New York reports.
“After careful consideration of all alternatives, we have concluded that a sale process implemented through chapter 11 is the best way for A&P to preserve as many jobs as possible, and maximize value for all stakeholders,” A&P’s president and chief executive officer Paul Hertz said in a press release. “And while the decision to close some stores is always difficult, these actions will enable the Company to refocus its efforts to ensure the vast majority of A&P stores continue operating under new owners as a result of the Court-supervised process.”
The Food Basics at 2185 Coyle Street, Between Avenue U and Avenue V, is also not in the list of stores that A&P has confirmed will either be sold or closed. However, the company’s website notes that Key Food has agreed to buy two nearby Waldbaum’s — one at 8121 New Utrecht Avenue and the other at 2424 Flatbush Avenue. The Pathmark on Cropsey Avenue was sold to Stop & Shop.